G2TT
来源类型Discussion paper
规范类型论文
来源IDDP1154
DP1154 R&D Cooperation and the Stability of International Environmental Agreements
Carlo Carraro; Domenico Siniscalco
发表日期1995-04-30
出版年1995
语种英语
摘要Previous tests for liquidity constraints using consumption Euler equations have frequently used asset-based sample separation rules, arguing that low wealth consumers are more likely to be constrained. We propose an alternative sample separation rule using direct information on borrowing constraints provided in the US Survey of Consumer Finances. We estimate probabilities of being liquidity constrained which are then used in a second sample, the Panel Study of Income Dynamics, to estimate a switching regression model for the Euler equation. The estimates indicate that the conditional mean of consumption growth is not strongly affected by the probability of liquidity constraints. Quantile regressions suggest that liquidity constraints affect the conditional distribution of consumption in the constrained and unconstrained regimes in a way consistent with theoretical simulations, however. We interpret these findings as weak evidence that liquidity constraints affect the intertemporal allocation of food consumption.
主题International Macroeconomics
关键词Euler equation Liquidity constraints Switching regression
URLhttps://cepr.org/publications/dp1154
来源智库Centre for Economic Policy Research (United Kingdom)
资源类型智库出版物
条目标识符http://119.78.100.153/handle/2XGU8XDN/530299
推荐引用方式
GB/T 7714
Carlo Carraro,Domenico Siniscalco. DP1154 R&D Cooperation and the Stability of International Environmental Agreements. 1995.
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